On-chain tracker Lookonchain reveals that a newly-created wallet, 0x89BC, deposited an amount of $4 million USDC to Hyperliquid in the last 4 days. The wallet subsequently put the money into a high leverage pair trade and that is an indication that it has high confidence that Bitcoin will perform better than Ethereum.
Disaggregated Current Leveraged Positions
The wallet entered into two broad perpetual futures contracts with leverage 10. The trader took a 10x long position on 218.6 BTC with the notional value of the position being about $19.15 million at the average entry price of around $87,700. Meanwhile, the trader took out a 10x short on 5294 ETH incurring a notional exposure of approximately 15.59 million at an average cost of about 2940. Combined, these positions are obviously aimed at profits on increasing BTC/ETH ratio rather than a directional market.
Targets Bitcoin Outperformance ETH Strategy
When this happens, Bitcoin tends to be more successful than Ethereum as correlations fall. The current trend in the market favors this strategy. Bitcoin has also been quite stable whereas Ethereum has performed slightly weakly. Consequently the trade will now indicate a small unrealized loss on the long on the BTC and a large unrealized gain on the short on ETH, maintaining the aggregate position profitable.
Hyperliquid is still attracting advanced traders utilizing its Layer-1 perpetuals platform with deep liquidity, high-performance execution, and sub-second settlement. Millions of dollars are tradin on a daily basis. A steep drop or rise in either Bitcoin or Ethereum would demand fast corrective action or would initiate forced sales.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
SpaceX holds approximately $603 million worth of Bitcoin, and in the same period recorded nearly $5 billion in losses due to integrating xAI.
Gate News update: April 12. SpaceX currently holds Bitcoin worth about $603 million. In the same period, the company recorded a nearly $5 billion loss due to integrating xAI. Despite the large loss, SpaceX’s Bitcoin holdings have remained unchanged since mid-2024, with no signs of selling.
GateNews12m ago
The New York Times reignites the “Satoshi identity mystery”—Adam Back quickly clears things up after being targeted
Author: Nancy, PANews
Satoshi Nakamoto’s real identity remains the mystery that has persisted for 17 years in the crypto world. Speculation about this pseudonym has never stopped—candidates have ranged from cryptographers to corporate founders—but there has always been a lack of evidence to definitively settle the matter.
Recently, The New York Times published a multi-thousand-word investigation that, based on multiple comparisons drawn from linguistic style, technical pathways, and historical context, listed Blockstream CEO Adam Back as the strongest candidate for Satoshi Nakamoto. However, the claim was quickly and clearly denied by Back himself, and the relevant arguments were widely questioned by the industry as difficult to substantiate.
Satoshi Nakamoto identity controversy flares up again, with the investigation targeting Adam Back
In this investigation, The New York Times reporter John Carreyrou spent more than a year and a half deeply sorting through archives spanning decades, as well as the cryptographic punk email list, to
区块客1h ago
BTC 15-minute drop of 0.45%: Aggressive sell-side orders lead, layered with weakening liquidity at the margin, amplifying volatility
2026-04-11 23:00 to 2026-04-11 23:15（UTC）, BTC’s return over 15 minutes was -0.45%, and the price fluctuated within the range of 72907.4 to 73370.7 USDT, with a swing amplitude of 0.63%. During this period, market activity remains at a high level, but the price anomaly has drawn investors’ short-term attention. Overall trading sentiment is slightly cautious, and volatility is marginally higher than usual.
The main driver behind this anomaly is that active sell orders have a slight advantage, causing a short-term downward adjustment in price. Combined with a modest increase in trading volume for major trading pairs and spot
GateNews1h ago
